Menu
  • Latest
  • Prices
  • NFT
  • Coins
    • Bitcoin
    • Ethereum
    • Cardano
    • Ripple
    • Solana
    • Shiba inu
    • Dogecoin
    • Algorand
    • Litecoin
  • GEO
    • Ukraine
    • China
    • India
    • South Korea
    • North Korea
    • El Salvador
    • Switzerland
    • Nigeria
    • Russia
    • Latin America
  • Wiki
Language:

Coin Prologue
  • Latest
  • Prices
  • NFT
  • Coins
    • Bitcoin
    • Ethereum
    • Cardano
    • Ripple
    • Solana
    • Shiba inu
    • Dogecoin
    • Algorand
    • Litecoin
  • GEO
    • Ukraine
    • China
    • India
    • South Korea
    • North Korea
    • El Salvador
    • Switzerland
    • Nigeria
    • Russia
    • Latin America
  • Wiki
  • News

Bank of Russia Ready to Legalize Crypto Mining If Miners Sell Minted Coins Abroad

  • Ralph Smith
  • 04/07/2022
  • 1 view
  • 2 minute read
Total
0
Shares
0
0
0
0
0
0

Bank of Russia Ready to Legalize Crypto Mining If Miners Sell Minted Coins Abroad

The Central Bank of Russia will agree to legalize cryptocurrency mining, provided the proceeds from the activity are converted into fiat currency outside Russia. The regulator’s latest position on the matter comes after it softened its stance on the possibility of using cryptocurrencies for payments, even internationally.

Russia’s central bank to allow legalization of cryptocurrency mining

Monetary authorities in Moscow are now ready to support the legalization of crypto-mining, provided that Russian miners are obliged to sell coins obtained in the process outside the country. This is according to a recent statement by Kirill Pronin, head of the Bank of Russia’s Financial Technology Department.

The central bank has been a strong voice in the ongoing debate on the future of cryptocurrencies in Russia, proposing a total ban on most related activities, including mining, earlier this year. However, in the face of opposition from other government agencies and having to deal with financial restrictions imposed by the war in Ukraine, its position is beginning to change.

President Elvira Nabiullina noted last month that crypto payments could be allowed if they do not “infiltrate” the Russian financial system. At the same time, she argued that digital currencies like bitcoin should not be traded on Russian platforms because these assets are too unstable and dangerous for potential investors.

This week, at the St. Petersburg International Legal Forum, Pronin said that while mining does not fall under the responsibility of the Central Bank of Russia (CBR), it is in the form of fees for the verification of crypto transactions performed by the miners, and obtaining cryptocurrency We pointed out that it is one of the ways.” He was quoted as saying by Interfax that “legalization of mining can be discussed, but in our opinion, some conditions must be met in this regard.

Ivan Chebeskov, director of the Ministry of Finance’s Financial Policy Department, noted that several large crypto mining companies based in the Russian Federation have also been forced to deal with foreign regulations when withdrawing funds. He suggested that Russia may need to create its own exchange infrastructure to provide liquidity to the industry.

However, Kirill Pronin reiterated that, according to the CBR, cryptocurrencies minted by miners within Russia should be sold outside its borders and not allowed to accumulate in the country. The point is to avoid creating incentives for subsequent use for domestic payments.

In addition to the new bill “On Digital Currency,” which is expected to comprehensively regulate the crypto space in Russia, a dedicated draft law “On Mining in the Russian Federation” was submitted to the State Duma in April. Members of the lower house of the Russian parliament propose to recognize crypto mining as a business activity that uses Russian information infrastructure and equipment located in the country.

Image credits: Shutterstock, Pixabay, Wiki Commons

Country: Ukraine / Russia
Ralph Smith

Cryptocurrency geek. Met with Bitcoin and altcoins back in 2011, when the price of BTC was about 10$. Writing articles since 2014 to these days.

You May Also Like
View Post
  • 1
  • 2 min

Report: Korean Central Bank to Gain Right to Probe Virtual Asset Entities After Financial Regulator Drops Opposition

View Post
  • 3
  • 2 min

Financial Analyst Charles Nenner Warns About the End of the US Dollar and Its Consequences

View Post
  • 2 min

Global Reserves Held in US Dollars Fell to Less Than 50% — Official States It Has Become a ‘Toxic’ Currency

View Post
  • 2 min

White House Economist Warns China Wants to Weaken US Dollar’s Reserve Currency Status — Senator Says Biggest Threat Comes From Within

View Post
  • 2 min

Putin and Saudi Crown Prince Discuss Potential BRICS-Saudi Arabia Collaboration

View Post
  • 2 min

Wallet Bot on Telegram Adds Bitcoin Support to Web Interface Following Tether Integration 

Recent Posts
  • Report: Korean Central Bank to Gain Right to Probe Virtual Asset Entities After Financial Regulator Drops Opposition

    View Post
  • Financial Analyst Charles Nenner Warns About the End of the US Dollar and Its Consequences

    View Post
  • Global Reserves Held in US Dollars Fell to Less Than 50% — Official States It Has Become a ‘Toxic’ Currency

    View Post
  • White House Economist Warns China Wants to Weaken US Dollar’s Reserve Currency Status — Senator Says Biggest Threat Comes From Within

    View Post
Coin Prologue Coin Prologue
Made with ❤️Love in 🇺🇦Ukraine ©2021 — 2022

Input your search keywords and press Enter.